Open Your First Home Savings Account Now!
Forbes Wealth Blog
by forbeswealthnathan
4M ago
For several years now the housing market has been running red hot. Prices seem to continue to rise and more and more people continue to get priced out of the housing market. Although the market seems to have cooled down slightly, over the last 12 months the monthly number of transactions (35,410), and the average sale price ($656,625) are up 5% and 2% respectively. To combat the housing market crisis, the Canadian government has started the First Home Savings Account (FHSA). It is sure to be the answer we have all been waiting for and is here to solve the unaffordability issue many Canadians f ..read more
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What You Should Know About RRSPs in 2023
Forbes Wealth Blog
by forbeswealthnathan
1y ago
February 2023 is now here, and that means that it is officially RRSP season. If you are not sure, if you should be using RRSPs this year, check out TFSA vs. RRSP. You may be in a position where RRSP contributions are suitable. However, like many people, you may also be a bit of a procrastinator. Remember that there is a deadline for RRSP contributions if you want them to qualify for the previous tax year. The RRSP contribution deadline for 2023 is March 1. You may have never contributed to an RRSP in the past, and you may not have even heard of them before. Well, it’s a good thing you found th ..read more
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Remember to Max Out Your TFSA!
Forbes Wealth Blog
by forbeswealth
1y ago
Another year is upon us, and with it comes more TFSA contribution room. After 4 years of annual contribution room being $6,000, in 2023, it was indexed up to $6,500. Below, we go through the history of the TFSA and address some of the information we believe is the most important. Before getting into the rest of the article, if you enjoy our weekly content click the follow button. Also if you could like this post and comment down below it would be much appreciated. This helps us to know that our advice and perspective is valued. Thanks! If after reading this post you would like to read more abo ..read more
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What to do With an Inheritance
Forbes Wealth Blog
by forbeswealth
1y ago
As the saying goes, there are two certainties in life; death and taxes. Unfortunately, when death comes knocking, often taxes do as well. However, once taxes are paid and the estate is dealt with, there is generally one or more people left with an inheritance. Oftentimes, inheritances are used frivolously. People use them to go on vacation, buy themselves new toys, upgrade their car, etc., even when other parts of their financial lives are not in the greatest spot. Not that those things are necessarily bad, but oftentimes they aren’t the prudent decision. So if you have found yourself as the r ..read more
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Inflation Update – April 2022
Forbes Wealth Blog
by forbeswealth
2y ago
There are many things in the world that give a person a sense of pride and joy. Maybe it’s getting a hole in one on the golf course. Perhaps, it’s getting that promotion at work. Maybe it’s seeing those around you thrive. Or, maybe, it’s looking back in time and realizing your inflation prediction was right. Now I am hesitant to say we were right, but I will say that we weren’t far off. If you’re not sure what I am referring to, it’s inflation predictions from 2021. Inflation has been a topic we have talked about a lot over the past two years. Something that mainstream political talking heads ..read more
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Universal Basic Income: Why It Won’t Work
Forbes Wealth Blog
by forbeswealth
2y ago
The last two years have unearthed a lot of economic issues in Canada that many were unaware of. It has shown that our health care system is ill-equipped in a lot of ways. It has also begun to show some potential issues with how fiscal and monetary policies are implemented in Canada. One solution that has been thrown around is to implement universal basic income (UBI). Universal basic income has continued to increase in popularity and gain support from more prominent politicians. However, there are many potential negative consequences to implementing UBI. This is exactly what we want to delve i ..read more
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Year-End Charitable Giving: Donating Shares
Forbes Wealth Blog
by forbeswealth
2y ago
December is here, trees are decorated, and Christmas songs are playing. It is officially Christmas season! It seems as though winter and Christmas bring out the charitable side of people. Yes, Christmas is coming but so is a lot of charitable giving. 30% of donations happen in December with 5% of the annual amount happening on Dec 31 alone. Giving is not just about making a donation. It is about making a difference. Kathy Calvin Before getting into the rest of the article, if you enjoy our weekly content click the follow button. Also if you could like this post and comment down below it would ..read more
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Reasons for Corporate Owned Life Insurance
Forbes Wealth Blog
by forbeswealth
2y ago
We have explained the importance of ensuring you have adequate life insurance for personal reasons. However, insurance can also play a crucial role in the financial stability and longevity of a business. For business owners, their business often makes up a majority portion of their net worth. It is important that those assets are adequately looked after. There are many types of insurance products that a corporation could own; disability insurance, business overhead insurance, etc. As the title suggests, corporations can also own life insurance, which is the focus of this piece. Before getting ..read more
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Why Your Group Insurance Is Insufficient
Forbes Wealth Blog
by forbeswealth
2y ago
A while back we looked at insurance coverage and the effects that inflation can have on it. Insurance plays an important role in the financial success of many people. Due to the importance of insurance, it is critical to ensure you have enough coverage. Many employers will offer some form of group coverage: health insurance, life insurance, disability insurance, etc. Because of the coverage offered by employers, a lot of people might not see additional personally owned insurance as necessary. However, there are some benefits to personally owned insurance that you do not get with group insuranc ..read more
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This is When You Should Start CPP
Forbes Wealth Blog
by forbeswealth
2y ago
Deciding to retire is not a decision taken lightly by most people. It is a decision that involves a lot of changes, transitions, and often affects more than just one person. One key component in deciding the timing of retirement is the availability of retirement income. A key part of retirement income for a lot of Canadians is CPP. There are three key pillars of retirement income in Canada: Personal savings, Pensions, and government benefits. Personal savings include RRSPs, TFSA, and non-registered investments. Pensions would only be applicable to those that have employer-sponsored pension pla ..read more
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